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Foreigner buys buoy VN-Index   2010-11-25 - VNS

Foreigners buying blue-chip stocks helped the VN-Index in HCM City, rise 0.85 per cent to 434.48 points yesterday.

The value of trades was 10.9 per cent higher than Tuesday at VND597 billion (US$28.4 million) and volume totalled 30.2 million shares.

Foreign investors bought 4.5 million shares and sold 3.9 million. Their buying accounted for most of the volume for several of the most heavily capitalised stocks.

They bought 90,740 of the total 101,640 shares of Bao Viet Holdings traded in the session.

They also bought 90,740 of the 95,070 shares of software producer FPT Corp (FPT) traded.

Their buying increased the value of blue chips 0.7 per-cent with PetroVietnam Finance (PVF), up 4.83 per cent; BVH, up 4.07 per cent; FPT, up 1.43 per cent; Masan Group (MSN), up 1.64 per cent; Eximbank (EIB), up 0.74 per cent; Sacombank (STB), 0.72 per cent; and steel producer Hoa Phat Group (HPG), up 0.52 per cent.

VietinBank (CTG) and Hoang Anh Gia Lai (HAG) were among the blue chips to fall.

Seventeen stocks matched their ceiling price and nine fell to their floor prices.

In Ha Noi, the HNX-Index fell 0.03 per cent to 99.02 points.

Volume was higher than Tuesday with 30.2 million shares worth VND513.7 billion ($24.5 million) traded.

Only three of the 10 most capitalised stocks advanced.

They were PetroVietnam Insurance (PVI), up 2.44 per cent, Kim Long Securities (KLS), up 0.88 per cent and Asia Commercial Bank (ACB), up 0.43 per cent.

Twenty-one stocks fell to their floor price with the number matching the ceiling prices was just eight.

The markets were swayed when Prime Minister Nguyen Tan Dung revealed in the National Assembly a month-on-month increase in inflation for November of 1.86 per cent.

The General Statistic Office issued the same figure at noon.

The overnight volatility of global stock markets because of the tension on the Korean Peninsula added to the caution.

"Domestic investors began increasing the sell-off, especially at the end of session in HCM City, in response to the news," explained senior HCM City-based securities company broker Nguyen Cong Chinh.

The number of stocks matching their floor prices had increased 10 per cent against Tuesday.

"This means domestic investor have lost patience," he said.

Foreigner trading seemed to offer the only support for the markets, but this too began weakening to the mounting selling orders.

"I'm afraid foreigner support will not staunch a sell off tomorrow."

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